Wernick Group is the largest independent hirer and manufacturer of modular and portable buildings in Britain, with 28 hire depots, six divisional sales offices and two specialist event hire depots. The business has been both family-owned and managed since it was started more than 70 years ago.
The RBS funding helped to fund the acquisitions of Rovacabin, a national cabin hire business with a hire fleet of nearly 4,000 cabins, and Eventlink, the Coventry located provider of temporary stadia seating to the events industry.
The funding was led by the Midlands Structured Finance Team at RBS who Wernick have banked with since its inception, combining senior debt and separate asset based finance from Lombard. The company employs over 440 people and has experienced strong organic and acquisition-led growth over the past 10 years. The acquisition of Rovacabin consolidates Wernick’s position as the third largest operator in the sector.
David Wernick, Chief Executive, Wernick Group Limited, said: “Relationships are key to the success of our business and RBS have constantly proved themselves to be a supportive partner. We are delighted to have received their backing for the acquisition of Rovacabin and Eventlink, which we have pursued for a long time. This will significantly strengthen our market position.”
Ben Dawson, Assistant Director, RBS Structured Finance, said: “We have enjoyed a long and very successful track record with Wernick and are delighted to be able to be able to support what we see as excellent acquisitions for the group. We are happy to have provided a tailored funding solution and are looking forward to being part of Wernick’s on-going development and growth.”